Like everyone, you may have a lot of financial goals. But are they all of equal importance? Probably not. And do they share a similar timeline? Again, it’s unlikely. So, your first step may be to prioritize your goals — and then follow a process that can help you achieve them.
This process should include the following steps:
• Identify your goals as “must have” or “nice to have.” Making sure you can retire comfortably and won’t outlive your resources is a “must have” goal. For this goal, you can’t compromise — you need to be certain of achieving it, or at least as certain as possible. But if you want to someday own a vacation home by the beach, and you can’t ever quite afford it, you might find an acceptable substitute, such as renting. So, it seems fair to say that achieving this goal would be “nice to have.”
